Seplat clarifies dividend policy for Nigerian shareholders

Seplat Petroleum Development Company  Plc  has clarified its dividend payment policy to Nigerian shareholders  in the wake of news reports that the company was insisting on paying its Nigerian shareholders in  dollars.  The company which is listed on the London and Nigerian stock exchanges  made the clarification  in  a statement by its   General Counsel, Dr.  Mirian Kachikwu which described the seeming confusion as a “simple misunderstanding.”

Dr. A.B.C. Orjiako, Chairman, Seplat

Dr. A.B.C. Orjiako, Chairman, Seplat

According to  Kachikwu, “We are constrained to publicly clarify our dividend payment policy and set the records straight against the backdrop of recent media reports, obviously on the ground of a simple misunderstanding.

“Seplat  has a diverse shareholder base and we pay dividends to our diverse shareholders in compliance with applicable Nigerian laws and regulations. For the avoidance of doubt, our final dividend for the full year 2014, following shareholder approval, on June 2, 2015, will be paid in naira,  as applicable, to our  Nigerian shareholders on June 10  2015.”

Dr.  Kachikwu  pointed out that the misunderstanding had arisen from an act of magnanimity on the part of  Seplat which was applauded by shareholders  but which is now being criticized.

“The slight confusion must have arisen when we paid our interim dividend in November 2014. We had given  relevant ‘Nigerian’  shareholders who have domiciliary accounts the option  of receiving their dividends in US dollars.”

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